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The share price of Lansdowne Oil & Gas (LSE:LOGP) jumped over 20% today, trading at 7.12p, following their announcement this morning regarding the success of their joint-venture Barryroe appraisal well project in the North Celtic Sea, off the shore of Ireland.
About the Well
Lansdowne owns a minority interest (20%) in the Barryroe well under Standard Exploration License 1/11 along with its joint venture partner, Providence Resources. The well in located in about 100 metres of water, about 50 kilometres off the the shore of Ireland. Drilling has reached a depth of 7,550 feet, whilst oil samples have been sent to an independent lab for testing. The initial results so far have been better than originally anticipated.
Announcement Overview
7,550 feet was the final actual and expected depth.
Pressure testing indicates the presence of both oil and gas deposits.
Pressure gradients are consistent with the existence of 40 o API crude.
Core data confirms that the basal sands are, indeed, hydrocarbon bearing, with no indications of oil or gas and water contact.
Well-flow testing operations have begun and are expected to be completed with about 10 days.
JV Partner Comments
Providence Technical Director John O’Sullivan spoke positively, “These sands, which appear to have an intact overlying pressure seal, sit directly on a proven mature and oil prone source rock and therefore open the route to significant resource volumes within the Barryoe licence area.” He also said, “The confirmation of high quality light oil within a porous and potentially laterally extensive sandstone system is extremely encouraging. The comprehensive newly acquired well data are already providing key insights into the hydrocarbon resource potential of this system. We look forward to materially progressing the Barryroe project on foot of a successful outcome to our imminent well testing programme”
Company Spotlight
Lansdowne is an oil and gas exploration, along with being an appraisal company. Lansdowne’s portfolio includes oil exploration projects, low and moderate risk gas prospects near existing infrastructure, and moderate risk oil prospects. The Company operates primarily in the in the North Celtic Sea Basin.
References
↑ Official company report
↑ Oil Voice
↑ RTE News
↑ Upstream Online
↑ Small Cap News
↑ Official company information
